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Debt

9 Months Ended

Sep. 28, 2019

Debt Disclosure [Abstract]

Debt

Debt and Notes Payable

Debt and notes payable consisted of the following: 

	Interest Rate as of September 28, 2019		Principal Amount								Maturity Date
			September 28, 2019				December 29, 2018
Senior Secured Credit Facility:
Revolving Loan Facility	—		$	—			$	—			December 2022
Term Loan A	3.48%		693,750				721,875				December 2022
Term Loan B	3.86%		492,500				496,250				December 2024
Australian Term A-1	—		—				122,968				—
Australian Revolving Loan Facility	2.07%		6,750				21,118				July 2021
4.875% Senior Notes	4.88%		900,000				900,000				May 2026
4.625% Senior Notes	4.63%		900,000				900,000				May 2024
3.5% Senior Notes	3.50%		547,106				572,213				June 2024
European Revolving Loan Facility	1.50%		109,421				113,520				September 2020
Accounts Receivable Securitization Facility	2.81%		208,604				161,608				March 2020
Other International Debt	Various		—				1				Various
Total debt			3,858,131				4,009,553
Notes payable			4,275				5,824
Total debt and notes payable			3,862,406				4,015,377
Less long-term debt issuance costs			30,015				34,774
Less notes payable			4,275				5,824
Less current maturities(1)			360,525				440,596
Total long-term debt			$	3,467,591			$	3,534,183

(1) Current maturities excludes $12 of short-term debt issuance costs at September 28, 2019 and December 29, 2018.

As of September 28, 2019, the Company had $995,565 of borrowing availability under the $1,000,000 Revolving Loan Facility after taking into account $4,435 of standby and trade letters of credit issued and outstanding under this facility.

The Company entered into an accounts receivable securitization facility (the “Accounts Receivable Securitization Facility”) in November 2007. The Company’s maximum borrowing capacity under the Accounts Receivable Securitization Facility was $300,000 as of September 28, 2019. Borrowings under the Accounts Receivable Securitization Facility are permitted only to the extent that the face of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans and also subject to a fluctuating facility limit, not to exceed $300,000. The Company had $65,000 of borrowing availability under the Accounts Receivable Securitization Facility at September 28, 2019.

The Company had $33,749 of borrowing availability under the Australian Revolving Loan Facility, no borrowing availability under the European Revolving Loan Facility and $119,072 of borrowing availability under other international lines of credit after taking into account outstanding borrowings and letters of credit outstanding under the applicable facility at September 28, 2019.

In March 2019, the Company amended the Accounts Receivable Securitization Facility. This amendment primarily increased the fluctuating facility limit to $300,000 (previously $225,000) and extended the maturity date to March 2020.

In June 2019, the Company paid the outstanding balance and terminated the Australian Term A-1 loan which would have matured in July 2019.

In July 2019, the Company refinanced the European Revolving Loan Facility primarily to extend the maturity date to September 2020.

As of September 28, 2019, the Company was in compliance with all financial covenants under its credit facilities.

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- References

No definition available.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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